January 4, 2022
1 min read

RBI issues framework for digital offline payments

In a statement on Monday, the RBI said that balance replenishment can, however, only occur in an online mode….reports Asian Lite News

The Reserve Bank of India on Monday released the framework for facilitating small value digital payments in offline mode, which does not require internet or telecom connectivity.

Under the framework, transactions with a limit of Rs 200 per transaction and an overall limit of Rs 2,000 for all transactions has been allowed.

In a statement on Monday, the RBI said that balance replenishment can, however, only occur in an online mode.

Under this new framework, such payments can be carried out face-to-face (proximity mode) using any channel or instrument like cards, wallets, mobile devices, amongst others. Besides, such transactions would not require an ‘Additional Factor of Authentication’ (AFA).

Furthermore, since the transactions are offline, alerts will be received by the customer after a time lag.

The Reserve Bank had, in August 2020, permitted a pilot scheme to encourage technological innovations that enable small value digital transactions in offline mode. Subsequently, pilot testing was undertaken by some entities during the period from September 2020 to July 2021.

“With encouraging feedback from the pilots, it was announced in the Statement on Developmental and Regulatory policies dated October 8, 2021, that a framework for carrying out small value digital payments in offline mode across the country would be introduced,” it said.

Additionally, the RBI said the acquirer shall incur all liabilities arising out of technical or transaction security issues at merchant’s end.

“Offline payments shall be covered under the provisions of RBI’s limited customer liability circulars… The customers shall have recourse to the Reserve Bank – Integrated Ombudsman Scheme, as applicable, for grievance redressal.”

ALSO READ: Reliance’s story has no final chapter

Previous Story

Exports rose 37%, imports up 38% in December

Next Story

Govt mints hold strong amid Covid-19

Latest from Business

EVs Drive Cleaner Cities

Each EV is equipped with GPS tracking for real-time monitoring and efficiently serves the city’s 159.46 square kilometre area The use of electric vehicles (EVs) in household waste collection is ushering in

Residential Market Sees Revival

Sales jump 77% from FY19 to FY25 as luxury housing, office leasing, logistics, and tech-led investments drive real estate recovery. India’s residential real estate market has witnessed a dramatic revival in the

Recovery From Realty Stress Rises

Crisil expects residential demand in these markets to grow by 7–9 per cent in FY26, offering critical support to projects now being revived through restructuring Asset Reconstruction Companies (ARCs) are expected to

Qatar Debut For Tata

Tata Motors emphasised that its international offerings are backed by strong research and development capabilities, with vehicles that are thoroughly tested and adapted to local conditions Tata Motors has unveiled its all-new
Go toTop

Don't Miss

Sri Lanka keen to join BRICS, seeks India’s backing

Sri Lankan foreign minister emphasised that Colombo would reach out

India is Maldives’ steadfast ally, says Muizzu

The Maldivian President made the remarks at the official banquet